Strengthening Energy Markets
Well-functioning energy markets and reliable supply are vital to keeping down the cost of living for households and the cost of doing business. The global energy landscape has changed dramatically in recent decades. According to the International Energy Agency, global energy demand is expected to increase by over one-third by 2035 and the patterns of supply and demand are changing.
Emerging economies have become major players and the balance of energy trade has shifted towards the Asia/Pacific region. Emerging economies are expected to account for more than 90 per cent of growth in energy demand to 2035.
In 2014, the G20 is talking about what it can do to improve the operation of global energy markets (including gas markets), and to deepen collaboration between developed and emerging economies (including by improving international energy institutions).
G20 members are also exploring how they can work together to acheive better outcomes on energy efficiency. The G20 continues its work to enhance the transparency of energy markets and to phase out inefficient fossil fuel subsidies that encourage wasteful consumption.
Download the Policy Note Strengthening energy markets.
Energy Sustainability Working Group
The G20’s Energy Sustainability Working Group (ESWG), co-chaired by Australia and India, reports to Sherpas on issues of energy architecture, gas markets and energy efficiency, and to Finance and Central Bank Deputies on issues of transparency and fossil fuel subsidies. An energy infrastructure investment workshop in May is reporting its outcomes to the Investment and Infrastructure Working Group (IIWG).
The ESWG held three officials meetings during Australia’s presidency:
- 12-13 February, Melbourne | More information
- 29-30 May, Sydney | More information
- 25-27 August, Brisbane
The ESWG held a separate workshop on energy access in August. This workshop brought together a range of key stakeholders and explored the role the G20 could play in helping to improve universal energy access. In November, the Australian G20 presidency in conjunction with the International Energy Forum (IEF) will host a Gas Market Dialogue in Mexico, immediately prior to the Fourth IEF-International Gas Union Ministerial Gas Forum.
The G20 is also working to protect the marine environment and prevent accidents related to offshore oil and gas exploration and development. Further information is available on the Global Marine Environment Protection Initiative website.